How does your credit score compare to the UK average?

Ever wondered how your credit score matches up to the rest of the country? Wonder no more, as we take a look at how we’re scoring as a nation.

So you know what your credit score looks like, but do you know how it measures up to the rest of the UK? From how to check your own score to what makes a good credit score, we’ve covered everything.

Is there just one average credit score?

Your credit score is the number that tells lenders how reliable you are when it comes to debt. However, it may surprise you to know that you don’t just have one universal credit score; you’re ranked differently by different credit agencies. In fact, each agency has a different maximum score:

Equifax average credit score

Equifax has a maximum credit score of 700. According to credit rating company ClearScore, the average UK Equifax credit score stands at 380 - which is considered ‘fair’, but only just. 

Here’s how Equifax rate credit scores:

Score	Band
0-279	Very Poor
280-379	Poor
380-419	Fair
420-465	Good
466-700	Excellent

You can check your Equifax credit report and score for free using ClearScore, or by signing up to a free month’s trial at Equifax.

Experian average credit score

The maximum Experian credit score is 999 and the average score among its customers is 759 - which is rated as a ‘fair’ credit score. 

Score	Band
0-560	Very Poor
561-720	Poor
721-880	Fair
881-960	Good
961-999	Excellent

 You can check out your Experian credit score for free, though it will cost you £7.99 a month if you’d also like to see your full report (which shows your credit history and financial associations etc). If you want to see this, you can sign up for a free trial which lasts for 30 days.   

TransUnion average credit score

TransUnion rate your credit score out of 710. While they haven’t yet released the UK average credit score, they have said the best regional credit score can be found by those living in Kingston-upon-Thames, London who score an average of 547. The lowest average credit score was found in Cleveland, with residents scoring an average of 513.

Here’s how they rank credit scores:

Score	Band
0-550	Very Poor
551-565	Poor
566-603	Fair
604-627	Good
628-710	Excellent

Average credit score by region

Want to know what your neighbour’s credit score looks like? Experian (who score out of 999) released the average credit scores by location. The worst credit scores in the UK on average are:

1) St. Helens – 692

2) Hartlepool – 690

3) Merthyr Tydfil – 688

4) Middlesbrough – 683

5) North East Lincolnshire – 682

6) North Ayrshire – 678

7) Blaenau Gwent – 674

8) Knowsley – 674

9) Blackpool – 672

10) Kingston-upon-Hull - 661

And the best average credit scores can be found in:

1) Isles of Scilly – 848

2) Chiltern – 848

3) Waverly – 843

4) West Oxfordshire – 843

5) St Albans – 842

6) Elmbridge – 841

7) Wokingham – 841

8) Brentwood – 840

9) Hart – 840

10) South Cambridgeshire - 840

You can find out what the average credit score is where you live by heading over here.

So, what is a ‘good’ credit score?

Now we know what an average credit score looks like, you might be wondering what makes a ‘good’ credit score. According to the information from the credit reference agencies above, you’d need to score these figures to be eligible for the more attractive credit deals:

Equifax - 420-465

Experian - 881-960

TransUnion - 604–627

Want to improve your credit score?

If your credit score is a little lagging or damaged by past mistakes, don’t be disheartened. Your credit score can change for the better over time by making positive steps like these:

• Pay off credit debt (if you can) - Lenders like to see you using credit - but not all of it. Sticking to less than 30% of your overall limit can make you seem responsible, so if you can reduce your debt to this figure, your credit score could rise. 
• Join the Electoral Roll - To help lenders identify you, sign up to vote. This only takes minutes and it’s a really simple way to boost your credit score. 
• Always pay on time, every time - If you have existing credit agreements, set up alerts and pay with Direct Debit to make sure you never miss a payment. Even if you’ve made mistakes in the past, keeping up with current debts will help you improve your credit score. 
• Keep applications low - Applying for credit means lenders need to check your credit report, which will leave a search on your history. Too many searches can make it seem like you’re desperate to get your hands on money, which could be off-putting to some lenders. 

Tip: try checking if you’re eligible before you apply to help keep applications low.

*Data in blog from TotallyMoney.com

Disclaimer: All information and links are correct at the time of publishing.

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